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Stock Futures Gyrate After Fed Move
Tuesday January 22, 8:59 am ET
By Tim Paradis, AP Business Writer
Stock Futures Fluctuate Violently After Fed Cuts Interest Rates


NEW YORK (AP) -- U.S. stock futures seesawed Tuesday but still pointed to a sharply lower opening after the Federal Reserve, responding to a growing financial market crisis, slashed interest rates 0.75 percentage point.
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Dow Jones industrial futures, down more than 500 points, or more than 5 percent, before the Fed move, were fluctuating violently an hour before the start of trading, but improved to a level where they were down 380, or 3.14 percent, to 11,726.

The Fed''s move was unsurprising, given that world stock markets were falling precipitously the past two days, and that U.S. stocks had tumbled last week amid growing fears of a recession in the United States. Still, the markets remain quite anxious, not sure that even interest rate cuts will lift an economy slammed by an ongoing housing and credit crisis.

The Fed''s decision to cut its federal funds rate to 3.50 percent and the discount rate, the interest it charges to lend directly to banks, came a week before the central bank''s regularly scheduled meeting, a sign that the Fed recognized the seriousness of the world financial situation.

The Fed said in a statement that it took the steps to address a "weakening of the economic outlook" and "increasing downside risks to growth." The bank also said it will act in a timely way to address future risks.

The broader Standard & Poor''s 500 index futures were down 46.70, or 3.52 percent, at 1,278.60 after the Fed move. Nasdaq 100 index futures dropped 57.00, or 3.08 percent, to 1,794.50.

Bond prices rose but came off their highs after the Fed cut. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.56 percent from 3.63 percent late Friday.

Fears of a recession in the United States that could pull down the global economy as well have infected markets around the world, and those declines further unnerved U.S. investors who were unable to trade Monday, when Wall Street was closed for Martin Luther King Jr. Day. U.S. bond prices soared as investors fled the stock market, and the price of oil skidded as investors dumped futures in the belief that a recession would slash demand for energy.

In Asia, Japan''s Nikkei stock average closed down 5.65 percent -- its biggest percentage drop in nearly a decade. Hong Kong''s Hang Seng index lost 8.65 percent a day after showing its biggest losses since the Sept. 11, 2001, terrorist attacks.

"God bless America -- lower interest rates and tax cuts have always stimulated economic growth, and the Fed is providing the kind of stimulus to overcome this credit crisis," said economist Edward Yardeni, who runs his own research firm. "They seemed to react to the markets rather than anticipate the markets, but they did the right thing."

Last week, each of the major U.S. indexes fell more than 4 percent as investors grew skeptical that plans by U.S. lawmakers and President Bush to stimulate the U.S. economy will keep the U.S. from tipping into recession. The plan Bush announced Friday, which requires the OK of Congress, outlines $145 billion in tax relief to help spur consumer spending.

The dollar was mixed against other major currencies. Most commodities were still lower amid concerns of a slowdown in global demand.

Light, sweet crude for February delivery fell $1.15 to $86.36 per barrel in premarket electronic trading on the New York Mercantile Exchange amid expectations that a weak U.S. economy would lower demand for energy.

Corporate news also weighed on markets Tuesday.

Bank of America Corp. said its fourth-quarter earnings fell sharply amid credit losses and weak investment banking results. Profits at the bank declined to $268 million, or 5 cents per share, from $5.26 billion, or $1.16 per share, a year earlier.

Meanwhile, Wachovia Corp. said its fourth-quarter earnings fell 98 percent after the bank wrote down $1.7 billion in the value of certain portfolios and set aside $1.5 billion to cover bad loans. Earnings fell to $51 million, or 3 cents per share, from $2.3 billion, or $1.20 per share, a year earlier.

There was some good news. DuPont, one of the 30 stocks that make up the Dow industrials, said its fourth-quarter profits fell 37 percent from a year ago when earnings benefited from one-time items. Earnings fell to $545 million, or 60 cents per share, from $871 million, or 94 cents per share, in the year-ago period. But excluding items, results topped Wall Street''s expectations amid strength in its international business.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

Stock Futures Gyrate After Fed Move
Tuesday January 22, 8:59 am ET
By Tim Paradis, AP Business Writer
Stock Futures Fluctuate Violently After Fed Cuts Interest Rates


NEW YORK (AP) -- U.S. stock futures seesawed Tuesday but still pointed to a sharply lower opening after the Federal Reserve, responding to a growing financial market crisis, slashed interest rates 0.75 percentage point.
ADVERTISEMENT


Dow Jones industrial futures, down more than 500 points, or more than 5 percent, before the Fed move, were fluctuating violently an hour before the start of trading, but improved to a level where they were down 380, or 3.14 percent, to 11,726.

The Fed''s move was unsurprising, given that world stock markets were falling precipitously the past two days, and that U.S. stocks had tumbled last week amid growing fears of a recession in the United States. Still, the markets remain quite anxious, not sure that even interest rate cuts will lift an economy slammed by an ongoing housing and credit crisis.

The Fed''s decision to cut its federal funds rate to 3.50 percent and the discount rate, the interest it charges to lend directly to banks, came a week before the central bank''s regularly scheduled meeting, a sign that the Fed recognized the seriousness of the world financial situation.

The Fed said in a statement that it took the steps to address a "weakening of the economic outlook" and "increasing downside risks to growth." The bank also said it will act in a timely way to address future risks.

The broader Standard & Poor''s 500 index futures were down 46.70, or 3.52 percent, at 1,278.60 after the Fed move. Nasdaq 100 index futures dropped 57.00, or 3.08 percent, to 1,794.50.

Bond prices rose but came off their highs after the Fed cut. The yield on the benchmark 10-year Treasury note, which moves opposite its price, fell to 3.56 percent from 3.63 percent late Friday.

Fears of a recession in the United States that could pull down the global economy as well have infected markets around the world, and those declines further unnerved U.S. investors who were unable to trade Monday, when Wall Street was closed for Martin Luther King Jr. Day. U.S. bond prices soared as investors fled the stock market, and the price of oil skidded as investors dumped futures in the belief that a recession would slash demand for energy.

In Asia, Japan''s Nikkei stock average closed down 5.65 percent -- its biggest percentage drop in nearly a decade. Hong Kong''s Hang Seng index lost 8.65 percent a day after showing its biggest losses since the Sept. 11, 2001, terrorist attacks.

"God bless America -- lower interest rates and tax cuts have always stimulated economic growth, and the Fed is providing the kind of stimulus to overcome this credit crisis," said economist Edward Yardeni, who runs his own research firm. "They seemed to react to the markets rather than anticipate the markets, but they did the right thing."

Last week, each of the major U.S. indexes fell more than 4 percent as investors grew skeptical that plans by U.S. lawmakers and President Bush to stimulate the U.S. economy will keep the U.S. from tipping into recession. The plan Bush announced Friday, which requires the OK of Congress, outlines $145 billion in tax relief to help spur consumer spending.

The dollar was mixed against other major currencies. Most commodities were still lower amid concerns of a slowdown in global demand.

Light, sweet crude for February delivery fell $1.15 to $86.36 per barrel in premarket electronic trading on the New York Mercantile Exchange amid expectations that a weak U.S. economy would lower demand for energy.

Corporate news also weighed on markets Tuesday.

Bank of America Corp. said its fourth-quarter earnings fell sharply amid credit losses and weak investment banking results. Profits at the bank declined to $268 million, or 5 cents per share, from $5.26 billion, or $1.16 per share, a year earlier.

Meanwhile, Wachovia Corp. said its fourth-quarter earnings fell 98 percent after the bank wrote down $1.7 billion in the value of certain portfolios and set aside $1.5 billion to cover bad loans. Earnings fell to $51 million, or 3 cents per share, from $2.3 billion, or $1.20 per share, a year earlier.

There was some good news. DuPont, one of the 30 stocks that make up the Dow industrials, said its fourth-quarter profits fell 37 percent from a year ago when earnings benefited from one-time items. Earnings fell to $545 million, or 60 cents per share, from $871 million, or 94 cents per share, in the year-ago period. But excluding items, results topped Wall Street''s expectations amid strength in its international business.

New York Stock Exchange: http://www.nyse.com

Nasdaq Stock Market: http://www.nasdaq.com

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